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Cyprus 52, Us 26, U.s. 19, Italy 7, Greece 7, Florida 7, Dagen 6, Lifelock 6, Europe 6, Dell 5, New York 5, Nicole Petallides 5, Connell 4, T. Rowe 4, Dennis 4, Google 4, Gethelp 4, Washington 4, United States 4, Centurylink 3,
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  FOX Business    Markets Now    News/Business.  
   Business news. New.  

    March 25, 2013
    11:00 - 1:00pm EDT  

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stuart: the highlight reel. all about cyprus. cyprus, they'll out approved. >> the economy is likely to get worse. >> continuation of stealing what has already been stolen. they will not be happy. >> they are devastated. that is not what cyprus is or ever was. >> europe does not have the mechanisms in place that the united states has to manage a currency or a banking system. >> watch the euro. that affects all of us. stuart: italian banks have been halted in trading.
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charles: yes. stuart: why? charles: they are worried. these stocks are plummeting. stuart: the dutch finance minister said the cyprus situation is a good template for other european countries. they have reached into private bank accounts, taken the money out and used it to finance the bailout. that is what everybody wanted to avoid and now the dow is down 43 points. >> that italian banks are frozen because now the fear is they will have their money taken out. stuart: the dutch minister is now staying this could prompt a euro zone bank restructuring. that is why the dow is now down 46 points.
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you have a 80-point turnaround. dagen and connell, it is yours. dagen: thank you, stuart. connell: good morning, everyone. i am connell mcshane. dagen: i am dagen mcdowell. connell: the president here in the united states losing points with his handling of the u.s. economy. dagen: more of you believe you will not be getting a refund this year from the irs. that is not good news for the u.s. economy. connell: we will have those stories and much more coming up on "markets now." dagen: it is about the markets. ♪ connell: it is about the markets. you are right.
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dagen: maybe the situation is not contained to cyprus. let's go to nicole petallides on the floor of the new york stock exchange. nicole: we have seen a complete turnaround with the markets, as we noted. seems like there was a reason to feel a little more confidence. in turn now, italian banks are halted on possible contagion. we will see what happens over there. obviously, now, when people ask about cyprus, we talk about the euro. you do not want to see the euro plummet. we are seeing that italian banks are halted. we will see whether or not banking restructure occurs.
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united healthcare, walmart and hewlett-packard -- connell: we will talk in a moment about the halting of these banks. the thinking was it would stop -@the nation to be the first to leave the euro zone. dagen: we are live in cyprus with more. rich. rich: a sense of relief this morning. still a sense of resentment and concern. let's go over some of the details. it is a 10 million bailout infusion. deposits of 100,000 euros or less remain untouched.
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the second largest bank in this country will be wound down. it's employees will be gone. where the red assets are going to the bank of cyprus. the government spending cuts will have to come along with tax increases. this deal still hurts. >> i do not think there is any denying that the cyprus people will have to go through tough times and will suffer the consequences. we had to adjust over relatively a short period of time.
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rich: now the question is what does this mean for the rest of the euro zone? this, the bailout should be a template for the rest of europe and banks should be reduced. back to you. connell: rich edson lives in cyprus. trading halted in some of those italian banking stocks also added the comments in terms of a template. time to bring in axel merck. your thoughts? >> good morning. when someone screams fire, you do not want to shut the accident. halting stocks, i do not think, is helpful at all.
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i think it is rather responsible. the question is what will happen. obviously, investors are taking action. connell: you just look at the big board here in the united states and the green at the beginning of the day has now turned red. european markets losing some steam. you talk about the italian banks and how it would not be a good idea to halt the trading. is there almost north south european divide where the rich
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and the north are epitomized by what we see in germany and some of the troubled companies in the european south that it is not just about cyprus? if so, how does that dynamic and financially? >> we had a credit bubble. if you build wealth based on a credit bubble, when the bust comes, something will hurt. a credit bust is not as painful. a credit bust can truly wipe you out. the way this goes forward is, obviously, these adjustments will have to be made. germany cannot bail out everyone. these countries give up control over their budgets and handed over to the your group.
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connell: a lot of people were worried about that particular part of it. that part is spreading to other nations where you particular take money out of bank accounts. can we withstand issues in cyprus? >> the question is what would you care about. we never held a separate bank account. more people are waking up to that, even in italy. you are getting a loan to the bank. do you really want to give all all of your assets of a loan to one bank? you have to spread your assets. i do not know it the euro will be around. i will not put my money in cyprus. connell: axel merck, great perspective, as always. thank you.
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dagen: president obama is losing his advantage to the gop and pulls when it comes to the economy. the president led the gop by 18 percentage points back then. the most recent poll has them leading by only four percentage points. we have four opinions editor joining us now from washington, d.c. you have the unemployment rate improving. everything is okay. why now? >> i do not think president obama helped him very much with the sequester the bay. when he said the government would suffer mightily for 2% spending cuts, i would add to that voters are increasingly wise to the fact that the federal government does not have resources o its big, bloated
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nature exists at the cost of all of us. dagen: is the danger, john, we continue on with unemployment still stubbornly high, still very close to 8%, that the longer we struggle as a economy, the more they will rely on the government to be there and provide a safety net. >> i think people are wise as to what is going on there. it is still a very abnormally high number. it is high because of government barriers. obamacare is an increased cost placed on businesses that makes it far more expensive to hire workers. 7.7%, the nature of job
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opportunities is greatly reduced for all americans. the president cannot create jobs, but in obama's case, he can create a lot of barriers to job creation. there is a lot of skepticism. dagen: gasoline prices going up again. we would like to blame whoever is in the white house for gasoline prices. >> i would argue that it is very much in the white house's hands. people are going to work every day and it cost a lot more to get there. this is a simple dollar problem. you would very quickly seek gasoline prices falling. you would see a far more happy electorate. this is the quickest way to anger and electorate to reduce
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the value of the limited earnings that they have. dagen: john, it was great to talk to you, as always. think you for being here on this monday morning. john, forbes opinion editor. connell: we have seen a spike go higher on the dollar. in the meantime, tax time in our country right around the corner. fewer americans expecting a financial boost from their refunds this year. 59% expecting a refund check. the number is down from 64% who got one last year. those looking for a refund, 37% plan on paying down their debt. google glass.
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we have heard a lot about this recently. it is not even out yet. it is already facing a possible ban. the lawmaker introducing the bill says the glasses are an extension of texting and driving. dagen: i see you wearing a marked sanchez jersey before i see you wearing a pair of those. connell: definitely not while driving. dagen: i struggle to not look like a major loser every day. i do not care if it transport me into next year. snow days. the cleanup keeps piling up. connell: board commercials in india that are raising some eyebrows. as you can see here, we will get into it later.
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let's get a look at the oil market. tom kloza is coming on to talk more about it later. we will be right back. ♪ it's monday.
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a brand new start. your chance to rise and shine. with centurylink as your trusted technology partner, you can do just that. with our visionary cloud infrastructure, global broadband network and custom communications solutions, your business is more reliable - secure - agile. and with responsive, dedicated pport, we help you shine every day of the week.
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connell: nothing crazy, but the market does not look so great. let's go back to nicole petallides for another edition of stocks now. nicole: we have seen our markets do a turnaround. we started off the day in positive territory. at 10:59 a.m., we had our lows of the day. italian banks were halted on the possible cyprus contagion. there are people that believe
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what we have seen in cyprus may be a good way to do some bank restructuring and other countries. obviously, this is an idea not only for cyprus, but for other european banks. plus, you have a fact of the euro. here is our banks here at home. for the most part, less than 1%. when you check banks abroad, down almost 4%. this is something we will continue to watch. dagen: those italian bank stocks have been halted. dagen: let's check in with charles payne. charles: when they first came up with the idea of attacking bank accounts, you had to think that
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if you had a bank deposit, you would be like, wow, this is crazy. they would go after accounts even on 100,000 euros. you know that if you have over 100,000 euros in these banks which is not insured, that possibly it could be up for grabs. you do not keep that kind of money in the banks anymore. dagen: it is just two of them. isn't this just a warning? you are not pro- bailout. this is a warning. we are not bailing out everybody. it is not a free ride. charles: before this week,
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everyone thought it was free. i earned this money, i worked for it, i am putting it into the bank. no one ever thought their bank account would be up for grabs. dagen: hello. now they know. i am just asking -- connell: axel merck was kind of getting into that a little bit. you should spread out your money. i also thought it was interesting that he thought it was the dutch finance minister made these comments about this being a template for other european nations. axel thought that was irresponsible. what do you make of those comments? charles: i am glad you said it, in the sense that it is out
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there. they have a great point themselves. i understand where that is coming from. at some point, you always thought the line was drawn at savings accounts. no one ever thought until the last week that that was up for grabs. the three charles is right about that, people did not think that way. dagen: is it smart here and stupid there? charles: you are right. connell: thank you, charles. we will have more on these forward commercials.
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connell: i can think of a place to put them. apple takes another go at it. trying to match google maps. making the hoover dam look like a roller coaster. it was awesome. you are seeing dollar strength here today. we will have more after the break. ♪ ♪ [ male announcer ] how could switchgrass in argentina, change engineering in dubai, aluminum production in south africa, and the aerospace industry in the u.s.?
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>> i am lauren green with your fox news minute. john kerry is in afghanistan. during the 24 hour visit, he is expected to this us security. the supreme court will take up to same-sex marriage cases this week. on california's proposition eight case that defined marriage between a man and a woman.
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both cases will be decided at the end of june. today, the first day on the job for detroit's emergency manager. he may now must solve the long-term debt and recovered the budget deficit. detroit is the largest u.s. city ever put under state control. those are your headlines. i am lauren reed. back to connell. connell: a move lower in stocks. we have noticed some of the french banks. they are all down. dagen: a snowstorm that dumped as much as 2 feet in the
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northwest. connell: i would rather be over in cyprus. >> good morning. we are tracking it again. parts of illinois being hit with as much as 15 inches of snow. it is as far west as parts of indiana. the highest snowfall totals should be a foot of snow. we do have winter storm warnings in effect. it is because of the wind and snowfall amounts. we actually have been seeing some delays. they are about an hour or so. you could see four-6 inches of snow out here.
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the central appellations and most of these warnings should expire by tomorrow. that is what we think the storm system will pull out of the northeast leaving behind some quieter conditions. connell: that sounds, well, all right. dagen: tom kloza is coming up with a big addiction on gasoline prices. he says you will save money, compared to last year. connell: the former italian prime minister is the highlight of an ad campaign. it has the ford motor company doing a bit of spin control, i guess. ♪ ♪
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dagen: you can take a look how the three major markets held up today. losses across the board, biggest loser is france but you look closer, the bank stocks, whether you're looking at span i can banks, french banks and italian banks halted, have been weighed on by the news out of cyprus and again, the hair cuts that depositors above 100,000 euros have to take in this deal. connell: just the last half an hour or so, italian banks halted and the markets give up the gains. looked like it was going to be a good day as we go to nicole at the new york stock exchange. similar story there, right? >> what an interesting day. we started with an up hour. cyprus got the bailout and the finance ministers put it together. national bank of greece was absorbing some of the banks there in greece -- i'm sorry, greece the country so the national bank of greece got a pop today. after hitting a new low last week on worries, you got a national pop for greece.
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look at it today. 7 1/2%. when you talk about cyprus, it's not just the greece, not just cyprus, it's all the countries involved and now they may be restructuring the banking sector across all of the euro zone. we've heard about the italian banks we're watching and how about the other banks we're watching? french banks under pressure, credit agricol is down 4 1/2%. just read a headline about moody's and italy and possible downgrade there. bbba down another 5 1/2% so you're watching the national bank of greece that was in turmoil the last week so that one is topping the rest of the euro zone and the rest of the area in concerns, down air others. dagen: we have jeff here. he thinks that the world is profoundly underinvested in u.s. stocks. jeff is chase investment
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strategist at raymond james joining us now. what do you make of the selloff today, jeff? >> i think it's all on the cyprus bailout. the pop that felt more like a crescendo of the longest buying stampede i've seen and there was a puttback. i don't think the banking crisis spreads to the other banks in europe and i do think that the world is profoundly underinvested in u.s. equities and buyers on weaknesses. dagen: if you look at the mutual fund flows, why so much money continues to go into world stocks and not u.s. stocks, even treasuries to the point of billions every week. >> i think the american stock market, especially once we got past the fiscal cliff issues, the american stock market has been the place to be. it's outperformed most of the other world markets.
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i think it will continue to do that and i do think you're getting a switch out of treasuries and out of fixed income and into u.s. stocks. dagen: does it make you nervous that everyone, yourself included, every professional that i hear from whose comments i read is wildly bullish? like they can't even find enough adjectives to describe how upbeat they are about the u.s. stock market? >> well, i don't quite see it that way, dagen. i know a lot of people still profoundly bearish out there. i would just point out this since the market bombed in 2009 speaking to the beverly hills chamber of commerce that you've had five dow theory buy signals. dow has only given one wrong answer in 15 years. the dow jones industrial average traded out to new all-time highs. thus confirming the
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transportation average might move in mid january. so i think dips are for buying. dagen: it would take a major world event and not cyprus to really knock the wind out of us, you think. >> yeah. a black swan event, the closing of the straits and crude oil going to $200 a barrel. i don't see that on the horizon. dagen: i like specifics. thank you for that. good to see you. connell: we'll get back to this in a moment, cyprus and europe and everything else but check out this story we've been telling you about. it involves ford motor company and new commercials. yeah. commercials. their unit in india has to apologize for some risque ads overseas. this is one of them. in case you're wondering, that's the former italian prime minister in the front seat flashing a peace sign. three girls, however, bound, tied up in the trunk of the car. there's a daying line as well.
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it reads, leave your worries behind with the extra large boot. boot, the trunk. dagen: thank you. connell: the former leader is waiting for trial in the sex for hire case but that's not it. this is another one. this is paris hilton and the kardashian significasters. they never ran. dagen: kim kardashian wishes she looked like that. connell: but they claim an indian ad agency posted them to a website without the okay first and one more. this one is for dagen because it involves car racing. dagen: can you name the three drivers? connell: and shoemaker in the front. dagen: he's the winningest f 1 drivers of all times. they might be able to catch him one day.
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dagen: you have to be careful what ad agencies are doing on your behalf. fireworks in fontana over the weekend at the auto club 400. kyle busch won the race but it was a last lap wreck between hamlin and joey lagono making headlines. crash sent hamlin to the hospital and take a look at this. tony stewart had a different bone to pick on pit road. lagono blocked stewart on the final restart of the race and that's when stewart decided to take matters in his own hands. and fox sports caught up with stewart after the fight and he had this to say. >> what angered you at the end of the race? >> what do you think i was mad about? he wants to -- about everybody else and he runs like a little -- i'm going to bust his ass.
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>> thanks, tony. >> thank you. dagen: i greatly appreciate the thank you at the end of that. hamlien finished 25th and was airlifted to hospital where he was held overnight for observation. dagen: we bring you nascar fighting by dagen. connell: tom klotz to come yet with good news. dagen: and google dominated the market for maps but apple just made a move to try and compete in this area. and again, when investors get nervous, they run for u.s. treasuries and you see that happening today. that's well back above 2%. not so much any more. we went out and asked people a simple question:
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how old is the oldest person you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s. and that's a great thing. but even though we're living longer, one thing that hasn't changed: the official retirement age. ♪ the question is how do you make suryou have the money you need to enjoy all of these years. ♪
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>> i have your fox business brief. a man is being arraigned in a new york federal courtroom today on insider trading charges.
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one count of conspiracy to commit security fraud. it is alleged he conspired with his older brother who is already being convicted. research in motion shares are experiencing a downward trend this afternoon after citigroup expressed disappointment in this weekend's u.s. launch of the blackberry smart phone and at&t. goldman sachs also downgraded to neutral because of that problem and with easter just days away, nestle is recalling four varieties of the kit kat bars in eight countries. consumers in the u.k. found giving you the power to problem per. i love making money. i try to be smart with my investments. i also try to keep my costs dn. what's your plan? ishares. low cost and tax efficient. find out why nine out of ten large professional investors
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choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. ♪ [ male announcer ] how do you engineer a true automotive breakthrough? ♪ you give it bold styling, unsurpassed luxury and nearly,000 improvements. the redesigned 2013 glk. see your authorized mercedes-benz dealer for exceptional offers through mercedes-benz financial services. >> maybe with some good news for all of us drivers, gas prices are lower than last year. you look at the average 3.66,
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$3 $3.89 last year. he's the chief gas analyst these days. what about the future, tom? what do the next three months look like? >> it looks a little mixed. parts of the country could be a hot spot like the upper midwest or even the northeast. as we transition to the more expensive summer gas, but most of the country is a pretty decent story. we're paying about $80 million less per day as a country than we were last year. we're paying less than the year before even though prices are higher because we're using considerably less so there's a couple of small hurdles in april but a month act, everybody was talking about the possibility for $5 and higher and now i think we'll see some sub $3 numbers before we see anything in the realm of the apocalypse. >> sub three just in certain states you mean?
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>> yeah. we have a lot of gulf coast refining and it's coming up and demand isn't so tough so we could see some of the southeastern or midwestern states like oklahoma and missouri get down to those numbers. >> and demand hasn't been great lately, right? why is that? will that change? it should pick up a little bit, right? going into the summer? >> that's interesting because you would think that you hear a lot of happy talk about the economy and it tends to manifest itself in more driving. now, march has been a miserable month in a lot of places where they're lingering winter so april will be very crucial. right now the trend is for lower demand and it's not certain whether that's the lasting thing or a little bit of a quirk here because of cold weather. >> it's been annoying as it is here in new york again or this area again. thanks. talk to you soon. >> thanks. dagen: gas buddy, baby. who is our little buddy? nicole.
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connell: little? dagen: yeah. it's always a compliment with a woman calls another woman little. >> i'm going to take that as a nice compliment. thank you, dagen. let's take a look here at facebook in particular. key headlines crossing now. facebook, $25. you all remember the i.p.o.? $38 i.p.o.? the somewhat botched i.p.o.? well, u.b.s. says it has filed arbitration demand against nasdaq for the full extent of its losses from facebook. you remember the opening was delayed. they were trying to get it together. you can see the stock here is down 2% at the moment. this is the $38 i.p.o. and really from the first day it started trading, it was surrounded by some problems and some issues in some of the orders that weren't executed and some had to be cancelled and et cetera. so obviously u.b.s. making it known that they are not pleased with this and now filing arbitration demand against nasdaq for those losses. back to you. dagen: thanks.
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connell: now to the tech story of the day with the battle over indoor mobile location services really heating up and take a look at who would like to go toe to toe with google in terms of making maps. dagen: keep trying. here are the details. >> you sound skeptical, dagen. not a fanny take it of apple maps. it may just be maps to you but it is a lot of money for the big companies that are trying to get a dominant place in the market. getting from point a to point b. google, apple, yahoo, a.o.l., all of the players in there and apple trying to make up for those missteps. dagen is skeptical about it in the first place. now, the "wall street journal" is reporting that apple has bought a $20 million startup by the name of wi-fi slan. what they've done is they've developed technology that allows you to find your place indoors. it can do it with a degree of
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accuracy within 10 feet so this is more indoor focused versus outdoor focused. chief competitor google and google maps already has the ability to track indoors with floor plans already built in for thousands of buildings but here is where the next frontier is, guys, in the world of mapping. it's all about being able to map indoors so the next time that you are at a local shopping mall, you're at maybe jc penny and trying to get to nordstroms, pull up the map and it will show you how to get from point a to point b and with this
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ncaa march madness is next. dagen: now connell gets to talk about something he enjoys for once. take a look at some winners today on the nasdaq. it's monday. a brand new start. your chance to risand shine. with centurylink as your trusted technology partner, you can do just that. with our visionary cloud infrastructure, global broadband network and custom communications solutions, your business is more reliable - secure - agile. and with responsive, dedicated support, we help you shine every day of the week.
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connell: we're just watching our markets because some of the italian banking stocks were halted within the last hour. contagion worry in cyprus. marketed started to give it up and it looked like we might have been down a lot but we've stabilized. we're now down only 36, 37 points on the dow. not bad. dagen: how sweet it is to be the florida gulf coast eagles becoming the first 15th seed in tournament history to reach the sweet 16.
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eagles topping san diego state last night 81-71 just two days after their huge upset victory over georgetown. they'll face florida gators on friday. what's that say about who is still in it? i'm not going to repeat what you just said. connell: you have cinderella, still a lot of big names and duke and indiana and florida that still have a chance in it. final four coverage, this is interesting, dennis is here. final four coverage could be moving off of network to cable. dennis: under the 16-year contract that cbs shares for march madness with turner, time warner's turner outlooks, it's going to move to cable some year and the final four could move over to tbs or tnt next year and
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thereafter, alternate every other year for cbs. you know, the last big thing the networks have to claim is those huge exclusive one time live events where millions of eye balls tuning in and now they're starting to lose even that. the college football championship series moved over to cable in about 2010, 2011. dagen: how did the ratings change? could they hang on to all viewers they had? dennis: they're getting up there with fox 27 to 30 million range since it moved to espn so cable can bring in just as many as a big broadcast network and cable, you'll remember, has two revenue streams. advertising and it has cable subscriber fees and more systems are charging extra for sports because espn is the most expensive network in the country.
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connell: i don't know really a super bowl would be on cable. dennis: that's going to be the biggie. nfl was always secretly fearing if they did that, congress will step in and say wait a minute. we gave you an exemption of anti-trust, we've played ball with you and now you'll take it off free, over the air. congress not getting the 95% of american gets its television through cable television anyway. dagen: it's still free over the air. you can get free hd. connell: dennis is right. is that really a right number, 95%? >> illegal homes, you get higher. there's no reason to look at a difference. the one difference is that the broadcast networks have a far higher cost structure than advertising revenue. dagen: that would be the last game that moves to cable, though. dennis: super bowl. dagen: and the overnitrating for
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the nascar race was up from a year ago. connell: how did we get back to nascar? dagen: i took the wheel and drove us into a ditch. connell: thanks for joining us this morning but plenty more still to come. dagen: russia scoring points but vladmir putin and his people are mad. connell: they are and then the medals market. a safe haven when things like cyprus take place. kneale, you just saw him. he's coming up. "markets now" continues. keep it here on fox business. friday night, buddy. you are gonna need a wingman.
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and my cash back keeps the party going. but my airline miles take it worldwide. [ male announcer ] it shouldn't be this hard. with creditcards.com, it's easy to search hundre of cards and apply online. creditcards.com.
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dennis: it's high noon. >> it's a global game playing out on wall street today.
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germany and merkyll. dennis: and the metals market always a safe haven for investors. is that the case this time around? >> more and more of us are not counting on a refund from i.r.s. this year. that's not good news for the economy. dennis: and the cleanup bills for cities and states piling up with the latest blast of winter weather. those stories and much more coming up in "markets now." top of the hour and let's get to stocks every 15 minute. nicole at the floor of the new york stock exchange. we're up, we're down. >> back and forth action. we started off to the upside. there was optimism after cyprus receive aid bailout or was going to receive a bailout and that news brought optimism to wall street and we saw a lot of up arrows as we began and the last hour or so, there have been more concerns about bank restructuring and maybe using cyprus as a template and also
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looking at italy. we're seeing many foreign banks with down arrows. our marks moved to the down side, came up off lows but still down about 47 points. our bank stocks are lower but not too much. dell a big name and big one to watch. michael dell was interested in moving forward with dell and now dell said it received alternate row -- proposals that could be superior to the $24.4 billion from the founder, michael dell and we know they have the ability to shop. they're doing that and so now you see the stock up nearly 3%. that's one to watch certainliment back to you. dennis: thank you very much. and the ripple effect is being seen from cyprus' last minute save as banks around the world respond to the bailout. will the banks in cyprus be open tomorrow? >> dennis, we're still waiting to hear the answer to the question. we've been asking for some time now. we hear from cyprus' president.
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he'll make a public address in an hour or scheduled to do so in an hour. banks have been closed more than a week, this in reaction to all the turmoil going on. now that there's a resolution in place, there's been some anticipation they would open tomorrow as scheduled. today is not an actual bank holiday. because of this, it's a holiday because it's greek independence day that's celebrated here so hopefully within the next hour or so, we'll learn to whether or not folks can go to the bank here for the first time in more than a week. dennis: we were shocked that little tiny cyprus could be the new boogie man on wall street. c.v.s. has higher revenue than the g.d.p. of cyprus. what's the local reaction been to the bank bailout? >> right. i guess that's what happens when there's a financial sector eight times the size of the $17 billion eurog.d.p. as for cyprus next, there's
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already a recession here. some mandates that are coming from the international monetary fund needs to remain under 20% by the year 2020. now it's about 84%, 85% so there's recession. for bank employees, especially for the nation's second largest bank that's going to be wound down, there are lost jobs so it's not a good economic situation, a sigh of relief definitely in the fact that if you've got a bank account, if it's got less than 100,000 euros, you're safe but this economy has major problems. dennis: thank you very much for being with us, for that report. >> gold spiked 1% last week, the most since january on concerns over cyprus. now that a $13 billion bailout plan has been secured, what's next for precious metals? joining me is rbc wealth management senior vice president. thank you for joining us, george. >> thanks for having me. >> there are so many gold
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watchers out there and gold has had a hard time lating and we've seen gold bounce back about 1% last week. we saw the biggest spike since january and now everybody is saying, should i dip my toes back in? is it going to go higher? >> well, longer term, yes. it could go higher because we will see stimulus and that means -- >> federal reserve stimulus. >> we're going to see all kinds of stimulus. euro zone has to bail out what's happened in cyprus. we have to bail out what our lagging jobs reports have been. the chinese have to bail out their cooling economy and so you're going to see some inflationary pressures but probably not right away. and for the moment, we've seen a lot of asset allocators take money out of gold and going to the stock market which may be -- today may have made a new high again. i'm not sure. >> what is happening today? because we just saw gold down about five bucks, right about the $1600 an ounce mark.
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why isn't gold getting a bigger bounce than the bailout news? >> most indicators were that the cyprus deal was going to be made the last minute which happened. the last few major items, fiscal cliff, efforts, all were resolved in the last minute and with everything being resolved, now the investor is saying, hey, maybe i need to be where there is performance and where is there performance? in the u.s. stock market and then what happens? you pay for securities with dollars and the dollars go up even though interest rates stay down. >> you're saying we're still seeing the allocations folks, seeing the stock market at record highs, taking their money out of gold and they're unwilling to put it there. >> they're not taking money out of gold as much. they're taking some. but they're not adding to gold positions. >> got it. >> and they're buying dollars because the dollar is the cash
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daily haven. gold is portable and liquid but that dollar is what pays the daily bills they can't get from the banks in cyprus. >> so the precious metal goes far beyond gold and we have to consider silver and then there's the industrial play. dennis: silver, one will drag it down and one will pull it up. silver is already looking ahead, beyond the option expiration today on the metals. >> and a fascinating development with silver and copper right now, when we're talking about contracts, give us an indication of investor interest is now bigger in copper than it is in silver. >> much bigger, yes. maybe 12,000, 15,000 contracts. copper has been getting more and more open interest as people have been hedging more and more copper. you have some more e.t.f.'s
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coming in copper that may take material off the market eventually and copper is needed 40 pounds per car. >> you sound bullish. >> on the recovery and maybe even copper eventually. >> okay. all right. thank you so much for joining us. >> thank you for having me. >> we could talk all day about that. thank you very much. >> thank you. dennis: and from metals to markets, next guest says the recent rally in stocks is encouraging but is it too late for a lot of sideline investors to get in? joining us is joe, c.e.o. of united capital. thank you for being with us, joe. can we just start with cyprus since i was out last week and wasn't part of the panic over a country with an annual g.d.p. less than the revenue of publix supermarkets? how worried are you about cyprus? >> i'll not worried about cyprus itself but i am worried about the way they decided to resolve the issue. what they said is that your savings, if you have more than $130,000 or 100,000 euros, are
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imminent domain and it's the first time that's happened, that the european governments have decided, hey, the cost has to fall on the people with money and that your savings are now accessible and taxable and garnishable by the government no matter what citizen you're a member of, that if your money is in the bank, they can take up to 40% and simply take it away from you. and that is -- dennis: does cyprus have deposit insurance the way we do in the u.s.? i believe it's up to $250,000 in a checking account in the u.s. does cyprus have that? >> it's 100,000 insurance. the equivalent of $130,000 here. so they don't want to break the barrier and the talk a week ago is it was going to be fairly equally borne by everyone. about 6%. if you're at 100,000 and about 9% more than that. now it's all borne by the people that have more than 100,000 which is their right but what's
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very unique is what happens to spanish banks? they think it's the domino effects of if they do that there, they're going to do that for spain and other country is going to say, well, this is how we solve it. we simply take the money from bank depositors that have more than 100,000 euros and it creates a lot of concern. dennis: even given your worries that that could spread, the cyprus approach elsewhere, you do like a couple of emerging markets, e.t.f.'s. you like e.e.m. tell us approximate that one. >> well, we just think that the global growth story is intact and when the u.s. you're seeing who things. we're growing and that's good for the emerging markets and second, u.s. investors are back to investing in stocks again and that's a trend that continues. first they invest in names they know like dow 30, the cokes of this world, and then they start investing for the emerging markets that are really the fuel that supplies them.
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i'm not as crazy about china but most of the rest of the emerging markets will benefit. foip dennis: you also like goldman sachs type. >> you don't want to be too invested in any one. you want to diversify and play this by large companies that invest globally. we invest our clients' total well-being. make bold but not heroic moves. with the tax system, you really want to invest with three year perspective instead of three month perspective. dennis: thank you for being with us. good job. americans are not banking on the i.r.s. more of us don't expect a tax refund this year. and that means fewer people are shopping. dagen: last hour we heard tom kloza say that gas prices will
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fall soon. how much will that help consumers in the short-term? we'll see what is moving crude. ♪
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dennis: winter refusing to die. look at cleveland, ohio right now, just one of several cities getting hit by the latest snowstorm. we'll have more on the cost of this storm coming up. sandra: it's spring already, dennis. stocks now every 15 minutes. we have team coverage. dennis: the c.m.e., charles payne will show us how to make money on cyprus and nicole over at the indices. >> looking at the major market averages at the market. we see the dow, nasdaq and s&p 500 all lower. s&p 500 is down about a quarter of 1%, nasdaq down one third of
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1%. dow jones the worst, down about half of 1%. we should note we've had a swing here today on wall street. about 136 points from top to bottom. we actually set a new intra day all-time record high this morning but then sold off on concerns of other european stories such as italy and we're seeing some of those spanish banks selling off so here you go. first you had a little optimism on the hopes of the cyprus bailout and then you started to learn here that it may be a way to structure some of the other tanks and take some other deposits so we'll see what happens here but deutscheh bank is down 1 1/2% and banks here turned lower. we did see our banks go from positive into negative territory on this news. that's the latest here. now it's over to phil.
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>> thank you. so much for the cyprus celebration, especially in the energy complicate. we're celebrating when oil popped above $95 a barrel. forget about that. now we're knocking on the door of below 94. a huge move on concerns about how stable this bailout really is going to be and what it means for the rest of the euro zone. where you can really see that stress is if you look at the w.t.i. versus the european brent group. that continues to come in dramatically at the tightest level since last july. the reason why? they're concerned about growth in europe, safe haven here in the united states so you're going to see the united states crude obviously do a little better. but the good news is that dropping crude is going to help the gasoline prices, a big selloff right now in our heating oil right now taking it on the chin, down $1.40 on gasoline. there's some good news in the cyprus selloff, so to speak. back to you.
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sandra: thank you very much. dennis: it is time to make money with charles payne. this hour he's talking about the cyprus bailout and the fear of contagion elsewhere. >> not going to make any money off this but i wanted to talk more about this italian thing, why the italian banks got hammered so much. here is the thing. there's a lot of speculation that italy will need a bailout this year and this is a cautionary tale for people who watch the show and they kind of know this. in italy, government debt is 111% of g.d.p. nevertheless, they get a cyprus style bailout that comes with these strings attached, it will be the average person that takes it on the chin big time. what i have up here on the screen, you can see the bailouts we've seen so far and the spersage of g.d.p. so they need 9 1/2% of their g.d.p., that's 209 billion euros. worse case scenario, 1.5
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trillion euros and i wouldn't think that would be a worst case scenario but could you imagine what germany would say about forking over that money to italy? it would be -- that's why there's a serious panic there and why everyone should keep this in the back of their minds. dennis: i should get out of stocks because of it here in the u.s., should i? >> i don't think stocks but there's turmoil. italy's g.d.p. is going to contract this year. it contracted last year. it got hammered at the beginning of the gret recession, had a mild recovery but then it's slipping. this guy says if he's in charge, he's not paying anybody anything. forget t. we're not paying any debts. this is the guy who wants 25% in the chamber, 24% in the senate there. they have some serious issues there so it's no surprise this was the knee jerk reaction. i don't want to go back to the days when we woke up in the morning and that's the first thing we looked at for awhile? yield on italian bonds. i have to worry about my portfolio because of yield on
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italian bond snz it's happening today. let's hope it's a blip on the screen. sandra: day one on the job for detroit's city manager. it's a fiscal mess. dennis: the future of g.o.p. campaigning is going to look very different. we'll show you next. here's how the world's currencies in the meantime are fairing against the u.s. dollar.
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>> i have your fox news minute. detroit's new state appointed city manager began his first day meeting with some council members. kevin orr represented chrysler during its restructuring. he'll try to fix the crisis over the next term. they have long term debt of $14 billion. and the supreme court will take up two same sex marriage cases this week. there will be oral arguments on whether the federal defensive marriage act is constitutional and on california's proposition eight case, that defines
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marriage as between a man and a woman. both cases will be decided by the end of june. and secretary of state john kerry is in afghanistan to meet with president hamid karzai during the 24-hour visit, kerry is expected to discuss security for the drawdown of u.s. troops by the end of 2014 and outlook for afghan base talks with the taliban. sandra: thank you very much. after weak results from the republican's 2012 autopsy report, there's a new super pac in town looking to change things. here is more. carl? >> both parties doing rapid response really for a couple of hundred years but they usually do it through state and national parties and more often than not through individual campaigns. that's about to stop. america rising is just getting started this week and it's going to be an independent super pac focussing on democrats and the left for the benefit of the
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republicans and the right. last week the republican national committee offered up what it called the autopsy. it's actually the growth and opportunity report but in it, it said they wanted to urge formation of a, quote, allied group dedicated solely to research to establish a private archive and public website that does nothing but post inappropriate democrat utterances and act as a clearing house for information on democrats. 2012 some democratic super pac's did damage to the republican campaign. none have been solely involved in putting out this kind of information. they're not going to use tv ads. they will use it on the web and be a lab to find new tall tonight conduct these sorts of things. three people are starting it. first of all, mitt romney's former campaign manager, matt rhodes. he stays out of the lime light most often but he's going to run this and he's the first ever campaign manager for a national presidential candidate who was, in fact, the head of r.n.c. opposition research. he made a living looking into
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the opposition's records. he's joined us with joe pounder, another whiz with both the opposition research and rapid response end of all of this and he, too, was involved in that at the r.n.c. and tim miller who si a spokesman at the r.n.c. and worked for the john huntsman campaign in 2012. acquitted himself as a clear communicator with the new technology. listen to their goal z. we're going to have dedicated trackers to all the democratic candidates up in big races in 2014 and all of the potential democrat rising stars down the line for 2016 races or the future and so we did not have last cycle was one organization that sole purpose was to take that video, to monitor the interviews they're doing and making sure what they're saying back home isn't different than what they're saying in d.c. >> so a lot of folks, sandra, raising their eyes and saying, boy, we have more name calling and mud raking but the flip side so that coin is that it's information and it's supposed to be factual and voters need to get it so there will be more of
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it which means headaches for democrats and republicans think it will tilt the playing field their way. in the last few elections democrats have been more effective. sandra: thank you very much, carl. full house resorts has revenue up 3% in the state of nevada. c.e.o. tells us why his company is a good bet for investors. dennis: and the lessons we can learn from third world economies. ways to particular start our own from the dean of n.c.u.'s stearn school of business. it's monday.
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dennis: we have some breaking news for you. william dudley warning that tax hikes could be a drag on pc this year. peter barnes has that story. peter: out with this morning, just now in a speech at lunchtime saying that higher taxes and spending cuts here in washington are causing fiscal drag and could cut economic. the increase in payroll tax rates, the rise in high income tax rates, the increase in taxes associated with the affordable care act, obamacare and now the sequester will result in a fiscal drag of about one and
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three quarters percentage points of gdp in 2013. i view this as an unfortunate outcome. he is predicting a big hit in economic growth in 2014. dennis. dennis: thank you very much, peter barnes. cheryl: this from the treasury on the cyprus situation. growth and financial stability in the euro zone are of importance to the u.s. it is radical to lay the foundation for a return to financial stability and growth cyprus. we will continue monitoring this closely as details are finalized and the agreement is implemented. nicole petallides is back from
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the floor of the new york stock exchange. nicole: my first thought is, of course, you want to boost the liquidity of the euro zone. at the same time, you are hearing language from washington where they make it seem a little bit more wonderful than it really is. how about all the people that have money that is more than that? if you were one of those people, you are pretty excited and frightened and pretty upset. the big picture is we are trying to save the euro zone. let's take a look at blackberry. it is getting a couple of analyst calls today. the new product launch was not what people were expecting. goldman sachs cutting the stock to a neutral probe a buy.
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it is a long awaited product from blackberry. you could go in and buy it and they went around from best buy and at&t. the product placement is not that good either. back to you. cheryl: thank you, nicole. dennis: the u.s. economy still rife with uncertainty. here to discuss guy dean of new york university school of business, peter henry. it is bittersweet. you take some of these countries, mexico, brazil, china, they were a mess. now, we have to learn from them. >> exactly.
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now, we find ourselves in a very similar situation. discipline does not mean fiscal austerity. you need to build trust. dennis: we can see that trust issue going on right now. they worry that what they did which was penalized the rest just invested the most and not penalize depositors, why don't we start with this one. i feel like in the u.s. we have to have austerity. >> fiscal austerity only works in environments of high inflation. we need to focus on the future. focus on austerity.
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dennis: the government is spending too much. this is not a good thing. >> you need to regain balance over time. right now, trying to get through immediately in the united states could really put a drag on growth here. with 7.7% unemployment, we need growth. dennis: it seems like all the folks in washington when they talk about growth, they talk more about growth and tax revenue and growth and the economy. >> right now, not only the united states, but particularly europe, there is not enough focus on reform.
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we need to make the changes and make it easier for businesses to conduct business. dennis: packs and retitle it reform is what we need. >> absolutely. clarity about a bath for sure prosperity. dennis: thank you for being with us. peter henry. thank you. take care. cheryl: fewer americans are expecting a financial boost from their tax refund this year. 59% of people are expecting that coveted refund check that averaged $2700. 28% are planning on spending the money on themselves and forms of vacation and luxury items.
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dennis: nothing like giving back a little bit of the money that you paid to the government. the future of big money wired madness next up in my media minute. ♪ >> though full house resort. look at this company. take a look at the ten year treasury. ♪ my mother made the best toffee in the world.
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at legalzoom.com we put the law on your side. >> i am worn simonetti with your fox business brief. right now the dow is down 70-point. best buy founder is making a return to the retailer as chairman. he will receive an annual salary of $150,000 a year. johnson and johnson recalling more than 2 million -- the company says sales will operate profitably at high glucose readings. one report of a serious adverse
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event. the link had not been determined. that is the latest from the fox business network. giving you the power to prosper. ♪
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cheryl: $35 billion gambling community. our next guest is still betting big on this next factor. full house resorts ceo is joining us right now. thank you for joining us. we have been digging through the numbers here. revenues in two of the four states that you currently have propers in are falling. in nevada, they did see a bounce back last year, up over 2%. in the month of january, down double digits.
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the biggest question is, should we be worried about the casino industry? >> we are challenged when the last quarter of 2012. several factors that impacted us. one was the recession, of course, the other was instability in defeat, increase in payroll taxes. most of our customers are fixed income customers. we are seeing some stability in the month of march. cheryl: you are optimistic about this coming year. that in itself held back your customer from going into the resort and spending money. >> it is.
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i think people are very resilient and they are getting used to it. i think that people may not go on vacation outside the area. i think it will be good for the casinos. we have to be careful this year, for sure. cheryl: let's talk taxes. less people are expecting a tax refund this year. payroll checks shrunk this year. they are also facing less of a rebate from the government. >> they do have less money to spend. there is no dow about it. we believe that people will still come to casinos and patronize our casinos. we feel okay for this year. we hope that the market will
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stabilize. cheryl: describe your general demographic when you are talking about las vegas and atlantic city. what kind of customers are using >> we are not in las vegas and atlantic city. those are two markets that may be hurt. the customer base lives within 50 or 70 miles from our casinos. the number of trips that we have seen from the casino customers have increased. cheryl: you do expect them to keep coming in and spending that money. >> that is correct. keep in mind, gaming is social entertainment. cheryl: it is indeed. thank you for joining us. >> thank you. dennis: former nfl quarterback and a rare position of playing
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defense. drew bledsoe. that is today at 1:00 p.m. eastern. cheryl: a quarter till the top of the hour. stocks now and every 15 minutes. nicole petallides. nicole: looking at something in the retail sector and are right now. jcpenney is a name that certainly has been under pressure. you can see the stock is down a half percent. finish line also getting downgraded. down nearly 5% on the day. finish line known for sneakers and such. dollar general beat the street by more than half a percent. lowe's is a window. best buy up over 2%.
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you have the sound of richard shultz now joining the board. they are working to take this company private. back to you. cheryl: nicole petallides, thank you very much. dennis: today's media minute. how is your bracket doing? the sweet 16 in college basketball. this year may be the last time the final four will be the exclusive product of cbs. cbs and time warner 16 year contract is now in its third year. the final four could move to tnt . the weekend box office getting
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crude. taking the top spot "the croods." "oz" is now approaching $400 million. owner of the other half is lions gate. that raises a possibility of a merger someday. cheryl: the not so painful gas pump. just how low the price of your gasoline has been dropping. dennis: a spring storm hit the midwest dropping 10 inches of snow in parts of indiana. will spring break be a white one? in the meantime, take a look at some of the winners on the nasdaq. ♪ ♪
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cheryl: pain at the pump is much less today than it was a year ago. it is about $0.20 less painful. the average price you are playing is $3.60. that is down about $3.20.
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all of those truck drivers, d.phil. at $4.02 a gallon. up about $0.13 from the same time a year ago. a lot of this has been from the precipitous fall of wholesale gasoline prices. rbob gasoline. you have supply coming online. you have refineries picking back up. you have a drop in brent crude. crude oil prices for the year down 9% at $94.24 a barrel. dennis: thank you, sandra. just when you thought spring had sprung, a stubborn storm dropped 2 feet of snow in the midwest.
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>> we just cannot get a break. storm after storm after storm has pummeled parts of the rockies and the midwest. this one brought severe weather across portions of florida yesterday. we saw over a foot in a bout of different states. illinois had 17.7 inches. st. louis missouri set a record yesterday of over a foot of snow for your snowiest march day. even a town in maryland had 12 inches of snow. we have a coastal low that is bringing a slushy mess. there is your snowfall. still pounding parts of louisville.
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there is d.c. up towards philadelphia. it will be a slushy mess for new york. winter storm advisory posted for all of these states. storm will start to wind down tonight. it could be a messy commute home. i would like to finish off on a high note, if i could. new york city will be much improved as we head towards the easter weekend. temperatures around mom with lots of sunshine. dennis: good and no. cheryl: how sweet it is to beat the florida gold coast eagle. this year's team becoming the first 15th seed in history to reach the sweet 16. eagles top san diego state last
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night. florida gulf coast will face the third seed florida gators on friday. dennis: my alma mater. i hate cinderella. the gators are going to crush you. bernanke expected to speak in minutes. ashley and tracy will bring his comments to you next hour. it is illegal to ship alcohol to 12 states in the u.s. drew bledsoe wants to change that. he delivers his case coming up. ♪ [ male announcer ] this is joe woods' first day of work. and his new boss told him two things -- cook what you love, and save your money. joe doesn't know it yet, but he'll work his way up from busser to waiter to chef bere opening a restaurant specializing in fish and game from the great northwest. he'll start investing early, he'll find se good people to help guide him, and he'll set money aside from his first day of work
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to his last, which isn't rocket science. it's just common sense. from td ameritrade.